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Scotiabank Donates C$400K to Professional Women’s Group Program

Scotiabank (BNS) announced Thursday that it will donate C$400,000 to the Professional Women’s Group (PWG) program of the Dress for Success Foundation.

This partnership is a sign of Scotiabank’s commitment to remove the obstacles that litter the professional path of disadvantaged groups.

Overcoming Inequalities in the Workplace

The PWG program targets the barriers that women routinely face in the workplace, such as wage and income gaps. This program facilitates exchanges between professionals in order to help them advance their careers and be financially stable despite their socio-economic situations.

Scotiabank’s commitment to Dress for Success Foundation is one of the flagship investments of ScotiaRISE, the bank’s 10-year, C$500-million initiative to increase the economic resilience of disadvantaged groups. (See Analysts’ Top Stocks on TipRanks)

Management Commentary

“We are proud to support the work of the Dress for Success Canada Foundation – an organization that has made a meaningful impact in the lives of so many women seeking employment by providing the proper mentorship, attire and networking opportunities that are critical to a successful career,” said Loretta Marcoccia, EVP and COO for Global Banking and Markets (GBM) at Scotiabank and Executive Lead of The Scotiabank Women Initiative for GBM.

“Like The Scotiabank Women Initiative, the Bank’s involvement in the PWG program is an excellent extension of our support for women to help them pursue their best professional and financial futures.”

Wall Street’s Take

On November 24, Canaccord Genuity analyst Scott Chan upgraded BNS to Buy from Hold with a price target of C$88. This implies 5% upside potential.

The rest of the Street is cautiously optimistic on BNS with a Moderate Buy consensus rating based on five Buys and three Holds. The average Bank of Nova Scotia price target of C$87.67 implies 4.6% upside potential to current levels.

TipRanks’ Smart Score

BNS scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market.

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